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Bank Of America Cutting At Least 3,500 Jobs

08/19/2011 8:19 am 0 comments

Source: MSNBC

Bank of America plans to cut at least is 3,500 jobs and possibly up to 10,000 in a major restructuring of one of the nation’s largest banks, the Wall Street Journal reported.

In an article posted online late Thursday, the Journal said Bank of America would cut 3,500 of its approximately 300,000 positions by the end of September. The total number of cuts has not been determined but one person familiar with the situation said at least 10,000 jobs are likely to be eliminated.

The bank is grappling with its $1 trillion problem-loan portfolio and growing economic concerns.

Bank of America had around 280,000 employees at the start of 2011, according to its annual report.

To read this article in its entirety visit MSNBC.

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